143 Reade Street, New York

Adaptive Reuse of Office to Luxury Residential Condominiums

 

Tribeca Associates, in partnership with an institutional partner, acquired a fully leased office building located at 157 Chambers Street with plans to convert the property into a luxury condominium.

Despite long-term leases at below-market rents, the team was able to vacate the property ahead of schedule and obtain rezoning approvals to convert the property into luxury residential condominiums. Tribeca Associates created additional value by re-locating the entrance from Chambers Street to the more desirable Reade Street, taking advantage of its quiet, residential feel.